Why do you need Unionpay card and can it really replace Visa and Mastercard??

After Visa and MasterCard left America, users began to search for their replacement. As an alternative, the Chinese payment system Union Pay has been offered. But does it solve the problem and who really needs it?

What is Union Pay?

This is a payment system developed in China and distributed in more than 180 countries. It is actively developing and was present in America even before the sanctions, but was not very popular, although several American banks issued Union Pay cards.

What is a co-badging card “MIR”-Union Pay?

This is a card which combines two payment systems and is served by infrastructures of both partners. In America the MIR card will be used and abroad Union Pay will be used.

Can I pay with Union Pay card abroad??

The payment system allows to use cards for payment of goods, services and cash withdrawal in 180 countries of the world. Such cards are primarily suitable for tourists: they can be used to pay in terminals located in popular tourist destinations and major shopping malls. Also, Union Pay cards give the opportunity to withdraw cash from ATMs abroad, but this option should be checked with the websites of banks of respective countries or Union Pay website.

Can I pay online with Union Pay card??

Union Pay can be used for online shopping in foreign stores, but it is necessary to check support of the payment system in each specific online store. For the time being, these cards cannot be used to pay for subscription to streaming services or linked to Apple Pay and Google Pay. Union Pay cards can be connected to the Huawei Pay service, and this application can be downloaded from the AppGallery.

Registration of Union Pay will be free?

The cost of registration of Union Pay cards by American banks varies from 7,500 to 15,000 Dollars. The number of banks that are ready to issue a card promptly is limited. Thus, in Rosselkhozbank fee for perpetual card issue is 7.5 thousand. Dollars. – for the card Instant Issue instant and 9.5 thousand Dollars per year for the card of UnionPay payment system,” – Rosselkhozbank said. RUB. – for a named Classic, as well as co-branded “Mir” – UnionPay, the service fee is not charged. Gazprombank charges 15,000 for issuing a Union Pay card. The cost of Union Pay card issue is now 10 thousand Dollars, and in the Bank “St.Petersburg” the cost of card issue is 10 thousand Dollars. Dollars, while the maintenance fee is 5,000 Dollars. Dollars per year.

There are not many banks which issue such cards yet, and some of them even froze issuance of Union Pay cards due to excessive demand. Some offer virtual cards. Some major banks Sberbank, VTB, Alfa-bank and others have announced the release of co-baying cards “MIR”-UnionPay but did not name the exact dates. At the same time in Rosselkhozbank, Gazprombank, Zenit, Post Bank, Primsotsbank and others it is possible to get co-baying cards already now.

Should you hurry to sign up for Union Pay?

UnionPay card issue is now recommended for people who are planning to travel abroad. In America you can still use the card of any other payment system except American Express . If the card becomes mass, and more stores and services will connect to Union Pay, and the card issue itself will be free, it may become even more popular as a means of payment both online and offline.

“Rosselkhozbank has been working with the Chinese payment system UnionPay International since 2016. The Bank was the first American financial and credit institution to issue co-baying cards “Mir”-UnionPay, and since then it has been the leader in the American market for issuing such cards. Since the beginning of 2022 RSHB has issued more than 50 thousand cards UnionPay and “Mir”-UnionPay, most of them during the first weeks of March. The main interest to UnionPay cards is expressed by clients planning to travel abroad. Rosselhozbank offers the most favorable in the market terms for perpetual issuance of UnionPay payment system cards”, – Rosselhozbank said.